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Wednesday, 4 May 2016

China is expanding its emerging markets-reach by participating in Egypt’s new administrative capital project

An agreement that will see China participate in building Egypt’s new administrative capital project is “part of Beijing’s plans to boost business in emerging markets,” Tamer El Ghobashy and Esther Fung write for the WSJ. “The early stages of the planned new capital show how Chinese businesses eager to expand overseas are taking advantage of opportunities created in emerging markets where leaders are eager to boost political support through economic development,” they write. China State construction said in a stock exchange filing that the first phase of the capital will include a national meeting centre, a parliament building, governmental premises, and conference and exhibition halls. “The construction time is estimated to be three years, and the total size of the contract is [USD 2.7 bn].”

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